Self Driving Cars and Trucks Market is estimated to be USD 0.90 Billion in 2019 and is predicted to reach USD 2.64 Billion by 2030 with a CAGR of 10.2%

The Global Self Driving Cars and Trucks Market size is estimated to be USD 0.90 Billion in 2019 and is predicted to reach USD 2.64 Billion by 2030 with a CAGR of 10.2% from 2020-2030.

Self Driving Cars and Trucks are autonomous vehicles consist of various radars and sensors which makes them self driving and it does not require human driver to control and operate the vehicle. In self driving mode there is no need of constant manage the acceleration, braking and steering due to the advance sensors and radars which makes the complete operation automatic.

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Top Companies: Google LLC, Nissan Motor Company, General Motors, Honda Motor Corporation, Daimler AG (Mercedes Benz), Volkswagen AG, BMW AG, Volvo Car Corporation, Audi AG, Toyota Motor Corporation, Tesla, Inc. and , Ford Motor Company and others.

Market Dynamics and Trends

There has been technological advancement in the automobile industry which has proliferated the self driving cars and trucks market. Moreover, there is an increase in urbanization and also increase in traffic and air pollution which are also expected to accelerate the growth of self driving cars and trucks market over the forecast period.

There are various others factors which are driving the growth of self driving cars and trucks market include increase in demand of commercial vehicles, changing lifestyle and high standard of living. However, increase in safety and security concern with regards to the information of operating software and high development cost of these vehicles are expected to hinder the growth of self driving cars and trucks market. On the other hand increase in research and development coupled with innovation of new products in the field of automotive industry is expected to create opportunities in the self driving cars and trucks market in the near future.

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Market Segmentations and Scope of the Study:

The global self driving cars and trucks market share is analyzed on the basis of component, target disease, and geography. On the basis of component, the market is segmented into light detection and ranging (LIDAR) sensor, ultrasound sensor, video cameras, central computing system, radar sensor, and GPS navigation system. On the basis of autonomy level, the market is divided into level one, level two, level three, and level four. On the basis of application, the market is divided into logistics, construction & manufacturing, mining, and port. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is expected to account for the major market share in the self driving cars and trucks market over the forecast period owing to the presence of develop economies. Furthermore, increased adoption of advanced technology and increase in innovation and changing lifestyle are expected fuel the of self driving cars and trucks market.

It is expected that the emerging economies in the Asia Pacific region are develop rapidly with the gradual increase in market size due to the presence of developing technology and increased adoption of advanced technology and innovative products with the rapidly developing automotive industry.

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